Bitcoin was priced $8,177 at the time of press, a rise of around $478 dollars on the day so far and a spectacularly better place than the $5,947 low from earlier this week.

So-called ‘wallet-holders’ – owners of highly volatile cryptocurrencies like bitcoin, Ethereum, Litecoin and XRP/Ripple – have been able to breather slightly easier over the last 24 hours with the total market capitalisation of all cryptocurrencies increasing 25 percent to $352 billion, according to CoinMarketCap.

At its lowest point yesterday the total value had dropped to $276 billion the lowest level since the great price rise spell that began in late November last year.

At the lowest point of the falling price, Conor Campbell from SpreadEx told Express.co.uk that a string of bad press for Bitcoin has eroded confidence in the product, a sharp comedown from its end of 2017 ascent.

He said: “The big question is, are these recent movements mere teething problems, or signs of something more serious?”With investor confidence beginning to return it would appear that in the short term these, “teething problems” may have been abated.

Nigel Brahams, partner at London law firm Collyer Bristow, told the Guardian that we shouldn’t write bitcoin off.

He said: “The current situation is like the dot com boom and bust in the late 1990s, when cynics who couldn’t face up to a changing world wrote off new online businesses too readily.“The weak businesses and valueless coins will fail, but the really good projects like Ethereum and Bitcoin are here to stay, much like Amazon 20 years ago.”

Some observers suggested the resurgence of crypto was linked to yesterday’s hearing of Securities and Exchange Commission chairman Jay Clayton and Commodity Futures Trading Commission Chairman Christopher Giancarlo before the US Senate Banking Committee.

Both Giancarlo and Clayton looked largely favourably on the potential applications of Blockchain technologies such as bitcoin, Litecoin, Ethereum and XRP Ripple.

Senator Mark Warner, criticised the piecemeal nature of existing regulation, but said Blockchain technologies were as important a technological step forward as wireless cellphone technology had been in the 20th century.

He said: “The potential writ large amongst crypto assets and the underlying blockchain could be as transformational as wireless was years ago.”

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